Homestar Mortgage Rates, Fees & InfoPROVIDENCE, RI
Tax ID: 05-0490825
Review & OverviewHomestar Mortgage is a smaller mortgage company specializing in loans. They have a a high proportion of FHA loans. Homestar Mortgage has an average proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Providence, Worcester, and Norwich among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)
Homestar Mortgage has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Homestar Mortgage is typically a high fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.47%||1/29/23|
|30 Year Cash-out Refi||7.34%||1/29/23|
|30 Year FHA Purchase||7.22%||1/29/23|
|30 Year FHA Refi||6.91%||1/29/23|
|30 Year USDA Purchase||7.77%||1/29/23|
|15 Year Conventional Purchase||5.78%||1/29/23|
|These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.|
Origination Dollar Volume (All Markets)$22,855,000
Homestar Mortgage's average 30 year fixed mortgage rate was
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of -0.19%.
Relative Fees (Closing Costs)
Homestar Mortgage's average total fees/closing costs for a 30 year fixed rate
mortgage were $7,529.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
|Market||Originations||Total Value||Average Loan||Average Fees||Average Rate|
|PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA)||70||$21,950,000||$313,571||$7,468||2.96%|
|WORCESTER, MA-CT (FHA|USDA|VA)||2||$740,000||$370,000||$5,728||2.88%|
|NORWICH-NEW LONDON, CT (FHA|USDA|VA)||1||$165,000||$165,000||$2,871||3.00%|
We use machine learning to identify the top lenders compared against Homestar Mortgage based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 87
Similarity Rank: 156
Similarity Rank: 205
Similarity Rank: 224
Similarity Rank: 396
Similarity Rank: 405
Similarity Rank: 418
Similarity Rank: 518
Similarity Rank: 524
Similarity Rank: 540
|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2021, Homestar Mortgage's most frequently originated type of loan was FHA, with 67 originations. Their 2nd most popular type was Conventional, with 5 originations.
For 2021, Homestar Mortgage's most frequently cited loan purpose was Home Purchase, with 56 originations. The 2nd most popular reason was Refi, with 10 originations.
|Loan Length||Originations||Total Value||Average Loan||Average Fees||Average Rate|
For 2021, Homestar Mortgage's most frequently cited loan duration was 30 Year, with 71 originations. The 2nd most popular length was 15 Year, with 1 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Homestar Mortgage's average total fees were $7,529, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 38 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2021, Homestar Mortgage's average interest rate for loans was 2.96%, while their most frequently originated rate bucket for loans was 2.5-3%, with 38 originations.
2021 saw Homestar Mortgage place emphasis on $200k-400k loans with 58 originations, totaling $18,020,000 in origination value.
Homestar Mortgage lent most frequently to those with incomes in the $50k-75k range, with 30 originations. The second most popular income band? $75k-100k, with 22 originations.
Applicant Debt to Income Ratio
Homestar Mortgage lent most frequently to those with DTI ratios of 50-60%, with 15 originations. The next most common DTI ratio? 45%, with 8 originations.
Approval RatesTotal approvals of all applications
Homestar Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
Homestar Mortgage has an average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|
|Bank Name||Product||Issue||2021 CPFB Complaints||% of Total Issues|
|HOMESTAR FINANCIAL CORPORATION||Conventional home mortgage||Trouble during payment process||3||37.5%|
|HOMESTAR FINANCIAL CORPORATION||FHA mortgage||Applying for a mortgage or refinancing an existing mortgage||2||25.0%|
|HOMESTAR FINANCIAL CORPORATION||FHA mortgage||Closing on a mortgage||1||12.5%|
|HOMESTAR FINANCIAL CORPORATION||VA mortgage||Closing on a mortgage||1||12.5%|
|HOMESTAR FINANCIAL CORPORATION||VA mortgage||Trouble during payment process||1||12.5%|